Pentagon Awards Raytheon $6.3 Billion Missile Interceptor Contract
The award comes as the Department of War looks to meet the growing demand for air and missile defense systems and replenish stockpiles.
TL;DR
- Department of War awards Raytheon a multi-year contract valued up to $6.3 billion.
- Contract is for the production of Standard Missile-3 Block IB (SM-3 Blk IB) ballistic missile interceptors.
- The agreement spans five years with a possible two-year extension.
- The SM-3 Blk IB is used by the U.S. Navy against short- and intermediate-range ballistic missile threats.
- This initiative aims to boost weapons production and replenish Pentagon stockpiles.